To transform Indian real estate sector into the best paradigm in the world is vision 20-20" said Mr Anuj Puri, Conference Chairman & Chairman and Country Head, Jones Lang LaSalle Meghraj at the Conference on Indian Real Estate 20-20 organised by the Confederation of Indian Industry (CII)

The government has finally opened the gates for "planned and regulated" development along the 162-km Outer Ring Road by
announcing a comprehensive master plan (CMP) for the corridor. The
notification was issued by the urban development department here on
Wednesday.

The CMP covers a one-km belt on
either side of the corridor with a set of special development
regulations that are intended to "promote planned growth and curb
haphazard and ribbon development." The CMP is expected to give fresh
impetus to economic activities along the stretch, one-of-its-kind in
the country. The government cleared the plan after two years.The
government is planning to announce special incentives to encourage major projects
that would cater to a larger population and also provide better
infrastructure, sources in the MAUD said. Special incentives will be
offered to large integrated townships and educational institutions that
come up on an area of up to 400 acres.

A
special committee will soon be constituted to look into the development
issues related to the corridor. A special unit is also being created
for dealing with applications for permission to develop and undertake
building construction in the corridor, the sources added. "We are
working on a separate policy on the planning standards and
public-private partnership models along the corridor," sources said.
The government feels the CMP would boost development along the corridor
besides encouraging construction activities. "All the hype near the
corridor has so far only been speculative. But with the ring road work
in full steam, the entire stretch will become a popular destination for
investment," a senior official added.